Japanese carmaker Nissan will cut 9,000 jobs worldwide and reduce its production capacity by 20%, the company announced, following a drop in sales.

The group revised downwards its revenue and operating profit forecasts for the 2024 financial year.

“Given the seriousness of the situation, Nissan is taking urgent measures to recover its performance and create a more agile and resilient company.“says the Japanese manufacturer, in a statement.

Nissan’s net profit fell 93.5% between April and September

The net profit of the Japanese manufacturer Nissan fell 93.5% between April and September, to 19,223 million yen (116 million euros), mainly due to the drop in sales and the adjustment of production.

In the same period, which corresponds to the first half of the Japanese fiscal year, operating profit fell 90.2%, to 32,908 million yen (198 million euros), the company announced.

Nissan Motor today did not publish its net profit estimate for the full fiscal year, which will end in March 2025, due to “difficulties in calculating it in a rapidly evolving business environment,” according to the company’s president and CEO, Makoto. Uchida, to a press conference